Record Highest Budget Increase Secured for Large-Scale SOC Projects
Hwatae~Baekya National Road No. 77, Yeosu~Namhae Undersea Tunnel Construction, etc.
Yeosu City, Jeollanam-do (Mayor Jeong Gi-myeong) secured 738.5 billion KRW in national funding for 2024 amid the government's sound fiscal policy, marking the highest amount ever, an increase of 8.4 billion KRW compared to this year's 730.1 billion KRW.
According to the city on the 26th, the 2024 government budget passed the National Assembly on the 21st. Yeosu City secured 738.5 billion KRW for SOC, future advanced strategic projects, agriculture, forestry & marine, culture & tourism, accelerating project implementation and laying the foundation for regional growth engines.
In particular, the project budget of 860 million KRW for preparing the international event of the 2026 Yeosu World Islands Expo, which was not included in the government budget, was increased during the National Assembly review process. This result came from Mayor Jeong Gi-myeong’s multiple visits to the National Assembly and strategic efforts to secure national funding during the review process.
Major national funding projects reflected in the government budget for the SOC sector include ▲ 68.5 billion KRW for the Yeosu Hwatae~Baekya road construction project ▲ 40 billion KRW for the Yeosu~Namhae undersea tunnel construction project ▲ 2 billion KRW for the Gyeongdo Marine Tourism Complex access road construction, which will boost next year’s project execution and completion schedules.
Especially, securing construction costs for the ‘Yeosu Hwatae~Baekya road construction’ is expected to enable the early opening of the Gaedo~Baekyado section planned to coincide with the 2026 Yeosu World Islands Expo.
In the agriculture, forestry, and marine sectors, ▲ 500 million KRW for the maintenance project of handmade ships in Jonghwa-dong, Yeosu Port ▲ 1.57 billion KRW for the Soho 2 District coastal maintenance project ▲ 14.4 billion KRW for the special situation regional development project (4th comprehensive island development project) ▲ 37.8 billion KRW for the construction of a wide-area dredged soil disposal site at Gwangyang Port were included, expected to contribute to improving urban landscapes, residents’ living environments, and increasing regional income.
Additionally, in the culture and tourism sector, ▲ 500 million KRW for the Southern Region Wide-area Tourism Development Project (Beauty & Spa Wellness Tourism Hub Project) ▲ 500 million KRW for the Myodo-dong Lighting United Navy Theme Tourism Resource Development Project were reflected.
Projects increased during the National Assembly review process include ▲ 860 million KRW for preparing the international event of the 2026 Yeosu World Islands Expo ▲ 500 million KRW for the feasibility study on establishing a CCUS cluster to build the foundation of Yeosu National Industrial Complex ▲ 250 million KRW for the Yeosu International Marine Tourism Forum ▲ 2.5 billion KRW for the advanced safety management foundation project of Yeosu National Industrial Complex ▲ 1 billion KRW for the basic data survey for the construction of Gukdong Port to strengthen harbor safety and expand fishing vessel docking facilities, all newly reflected.
Through this, Yeosu City has established a national model for sustainable island development by smoothly promoting the Yeosu World Islands Expo, the city’s largest pending issue, and laid the groundwork for building the Southwest Coast Marine Tourism and Leisure Belt.
Moreover, the construction of Gukdong Port, the largest national fishing port in Korea, which passed the preliminary feasibility study by the Ministry of Economy and Finance in October, will be in full swing next year. The increase in project funds related to Yeosu National Industrial Complex is expected to accelerate the creation of future advanced strategic industries and lay the foundation for fostering carbon-neutral new industries.
Meanwhile, projects such as the ‘Construction of Seafood Safety Center’ and the ‘Introduction of Large-capacity Port Radiation System in the Honam Region,’ which were regrettably not reflected despite efforts to increase national funding, will be vigorously pursued for inclusion in the 2025 national budget through frequent visits to central government departments and cooperation with local lawmakers.
Mayor Jeong Gi-myeong of Yeosu said, “Thanks to the special support from the government and Jeollanam-do for Yeosu City, and the joint efforts of National Assembly members Joo Cheol-hyun and Kim Hoe-jae, as well as provincial and city council members, we achieved the highest-ever national funding. We will carry out related projects without delay to drive regional growth and proactively respond to securing national funds for 2025.”
Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr
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